The new report by Expert Market Research titled, ‘Global Refrigeration Monitoring Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global refrigeration monitoring market, assessing the market based on its segments like offerings, sensors, applications, industries, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): Approximately USD 7.7 billion
• Forecast CAGR (2023-2028): 8.4%
• Forecast Market Size (2027): Approximately USD 12.5 billion
The rising demand for clean-labelled food products with high nutritional value, and the growing demand to preserve them for longer durations, are driving the market. In addition, the increasing demand for refrigeration monitoring from cold chain in the food and beverage industry is propelling the market growth. Over the forecast period, the increasing application of refrigeration monitoring in hospitals, aimed at reducing medicine waste and ensuring safety of the patients is likely to augment the market growth.
In terms of region, the Asia Pacific accounts for a significant share in the market owing to the presence of large food consuming population in India, and China, among others. Moreover, the market in the region is expected to be aided by the rising demand for refrigeration monitoring from the residential sector owing to the increasing standards of living.
Industry Definition and Major Segments
Refrigeration monitoring refers to a system in a refrigerator which monitors, alarms, and reports about the temperature fluctuations. The system improves performance of the refrigerators and helps maintain quality of the food product. Refrigeration monitoring can be wired or wireless and offers significant cost savings for customers by providing the information pertaining to the real time visibility of the energy consumption.
On the basis of offering, the market can be divided into:
• Hardware
• Software
• Services
• Others
The market can be segmented based on sensor into:
• Temperature Sensor
• Defrost Sensors
• Liquid Level Sensors
• Pressure Sensor
• Gas Detector
• Motion Sensor
• Touch Sensors
• Contact Sensors
• AC Current Sensors
• Water Detection Sensors
The significant applications included in the market are as follows:
• Transportation
• Storage
The market can be broadly categorized based on industry into:
• Food and Beverage
• Pharmaceuticals
• Chemicals
• Hospitals
• Residential
• Others
The regional markets for refrigeration monitoring include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The key trends in the refrigeration monitoring market include the technological advancements in the pharmaceutical industry which are propelling the demand for refrigeration monitoring. This technology in the pharma industry boosts the efficiency of the operations by saving time and by reducing the cost of medicine protection.
Meanwhile, the growing R&D activities by the major market players to bolster the battery life are anticipated to be the crucial trends for this market. In addition to this, the increasing adoption of smartphones and other portable electronic devices makes the alarming possible via text or notification. This is likely to be another major trend in the market.
Key Market Players
The major players in the market are Zebra Technologies Corporation, Emerson Electric Co., Danfoss, Daikin Industries, Ltd., and Samsara Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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